MONTVALE, N.J., Oct. 27 /PRNewswire-FirstCall/ -- Memory
Pharmaceuticals Corp. (Nasdaq: MEMY) today announced the issuance of U.S.
Patent No. 7,429,664, which provides composition of matter patent
protection for a series of nicotinic alpha-7 receptor agonists. These
include R3487/MEM 3454 and R4996/MEM 63908, which are both being developed
in partnership with Roche for the treatment of cognitive disorders such as
Alzheimer's disease and cognitive impairment associated with schizophrenia
(CIAS). The term of the patent extends until at least 2025, which does not
reflect any potential patent term extensions.

"This patent provides broad coverage of R3487/MEM 3454 and R4996/MEM
63908, further extends our leadership position in the development of
nicotinic alpha-7 receptor agonists, and underscores our commitment to
bring forward novel therapies for the treatment of CNS disorders," stated
Vaughn M. Kailian, President and Chief Executive Officer of Memory
Pharmaceuticals. "We look forward to continuing to work with our partner
Roche to advance our robust development programs for these compounds."

Memory Pharmaceuticals is currently conducting a Phase 2 trial for
R3487/MEM 3454 in CIAS. The Company recently announced the completion of
its Phase 1 program for R4996/MEM 63908 and that it expects to report the
top-line data from that program in the fourth quarter of 2008.

About R3487/MEM 3454

R3487/MEM 3454 is a partial agonist of the nicotinic alpha-7 receptor,
a highly specialized receptor found in the central nervous system. In a
recently completed Phase 2a study in Alzheimer's disease patients,
R3487/MEM 3454 demonstrated a statistically significant effect on multiple
measures of cognition. Roche has a license to R3487/MEM 3454 for future
development and commercialization.

About R4996/MEM 63908

R4996/MEM 63908 is the second compound in the Company's Nicotinic
Alpha-7 Receptor Agonist Collaboration with Roche. In preclinical studies,
R4996/MEM 63908 improved learning and memory in healthy and aged
cognitively impaired animals. Under the terms of the agreement with Roche,
Memory Pharmaceuticals is responsible for conducting Phase 1 clinical
trials of this compound and Roche is responsible for later stage
development and commercialization.

About the Company

Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused
on developing innovative drugs for the treatment of debilitating CNS
disorders, many of which exhibit significant impairment of memory and other
cognitive functions, including Alzheimer's disease and, schizophrenia. For
additional information, please visit our website at
http://www.memorypharma.com.

Safe Harbor Statement

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. All statements, other than statements
of historical facts, regarding management's expectations, beliefs, goals,
plans or Memory Pharmaceuticals' prospects, future financial position,
future revenues and projected costs should be considered forward-looking.
Readers are cautioned that actual results may differ materially from
projections or estimates due to a variety of important factors, including
the outcome of clinical trials of Memory Pharmaceuticals' drug candidates
and whether they demonstrate these candidates' safety and effectiveness;
the risks and uncertainties associated with: obtaining additional financing
to support Memory Pharmaceuticals' R&D and clinical activities and
operations; obtaining regulatory approvals to conduct clinical trials and
to commercialize Memory Pharmaceuticals' drug candidates; Memory
Pharmaceuticals' ability to enter into and maintain collaborations with
third parties for its drug development programs; Memory Pharmaceuticals'
dependence on its collaborations and its license relationships; achieving
milestones under Memory Pharmaceuticals' collaborations; Memory
Pharmaceuticals' dependence on preclinical and clinical investigators,
preclinical and clinical research organizations, manufacturers and
consultants; protecting the intellectual property developed by or licensed
to Memory Pharmaceuticals; and Memory Pharmaceuticals' ability to maintain
listing on the Nasdaq Stock Market. These and other risks are described in
greater detail in Memory Pharmaceuticals' filings with the Securities and
Exchange Commission. Memory Pharmaceuticals may not actually achieve the
goals or plans described in its forward-looking statements, and investors
should not place undue reliance on these statements. Memory Pharmaceuticals
disclaims any intent or obligation to update any forward-looking statements
as a result of developments occurring after the date of this press release.

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